Sinopec announces potential of Brazil's BM-C-33 block

China Petrochemical Corp, or Sinopec, said on June 8 that Brazil's Campos basin block BM-C-33 is estimated to have 186 million tons of oil equivalent recoverable oil and gas resources.

Out of that figure, lightweight oil represents 104 million tons, while natural gas is 95.3 billion cubic meters.

Block BM-C-33 is located off the coast of the state of Rio de Janeiro at a depth of more than 2,000 meters. The RSB Company - a joint venture of Sinopec International Exploration and Production Corp and Spanish oil giant Repsol YPF SA - holds a 35 percent stake in the block and is the operator for the exploration period.

Norway's national oil company Statoil holds 35 percent of the block, while Brazilian state-owned company Petrobras holds 30 percent.

Currently, the consortium is preparing to submit an appraisal plan to Brazil's National Agency of Petroleum, Natural Gas and Biofuels, and hopes to start commercial development soon, Sinopec said in a statement on its website.

Sinopec said that block BM-C-33 will become the major growth engine for the company's Brazil unit.